No, this isn’t the REAL Stephen King. It’s the economist Stephen D. King. But his message is as horrifying as any Stephen King novel. King sees weaknesses in our economic system. Serious weaknesses.
Today, nation-states are still shell-shocked, seemingly unable to come to terms with persistent economic and financial disappointed. Policy-makers continue to promise a return to prosperity sooner rather than later. All the while, however, levels of economic activity remain surprisingly muted. Interest rate cuts, fiscal stimulus, quantitative easing and exhortation have all be used to kick-start economic activity, all seemingly to no avail. There is no quick fix. And polices designed to generate recovery may only be prolonging painful stagnation. (p. 68)
King suggests we stop wasting money on fruitless foreign wars, that we improve our public education system, and we rebuild our crumbling infrastructure. I agree. GRADE: A
Table of Contents:
Acknowledgements……………….. vii
Introduction Whatever Happened to the Decades of Plenty?………. 1
Chapter 1 Taking Progress for Granted……………….. 9
Chapter 2 The Pain of Stagnation……………….. 37
Chapter 3 Fixing a Broken Economy……………….. 55
Chapter 4 Stimulus Junkies……………….. 69
Chapter 5 The Limits to Stimulus: Lessons from History……….. 97
Chapter 6 Loss of Trust, Loss of Growth……………….. 121
Chapter 7 Three Schisms……………….. 151
Chapter 8 From Economic Disappointment to Political Instability………… 179
Chapter 9 Dystopia……………….. 207
Chapter 10 Avoiding Dystopia……………….. 231
Notes……………….. 263
Bibliography……………….. 273
Index……………….. 279
I go back time and again to Kate Atkinson’s assertion (in one of the Jackson Brodie novels, can’t remember which one) that there is no more “real money, just an act of collective imagination.”
I agree, too, George, but what are the odds that we’ll follow King’s suggestions?
It seems to me our only goal is making sure the rich stay rich in the wrong-headed idea of trickle down
Patti, that “Trickle-Down Theory” has been disproved many times. But some people still believe in it to justify the Status Quo.
Deb, trust is a Big Deal for Stephen D. King in the operation of the financial system. And trust is breaking down. I’m buying more gold while it’s cheap.
Jeff, governments will go on doing stupid things. But savvy citizens should buy real estate, gold, and other tangible assets.
As long as the morons, sorry I mean Republicans, control the House nothing will change. You haev a man running for the Senate in Georgia – chairman of a Science Sub-Committee in the House – who professes to believe Earth is 9,000 years old and global warming is “straight from Satan.” How can you possibly use logic to convince him of anything?
Jeff, a disturbing number of our political leaders don’t believe in science. It’s worrisome…
Isn’t this a happy way to start the year. I once thought it would be possible to have some interest on savings to help grow assets, but apparently interest is only a mirage banks use as leverage in their own mysterious dealings. These days, it seems we have inflation (prices of goods and services rise) without the “inflation” the government keeps interest rates low to avoid. All we can figure to do is keep our heads down and watch every penny while the idiots in the elected positions argue and act like they have a clue, which most don’t.
Oh, and my resolution was to be less grumpy. Oh well.
Rick, you are discovering what most of my retired friends are learning: they’re pension payments stay the same, but the prices of EVERYTHING go up! We love your grumpy disposition!